at the 400-acre alameda south shore development the company has sold or optioned for sale virtually all of its inven tory of lagoon lots interior lots and multiple-zoned residential and commercial land sales of the remaining land holdings should be completed in 1965 leaving the company with its large ala meda shopping center as its sole remaining investment in that city this complex of 50 retail stores and service shops and park ing for over 3200 cars is known as south shore center its retail sales now total an annual rate in excess of twelve million dollars and are growing steadily sale of residential property at the 2 1 8-acre torrance property was maintained at a satisfactory level leaving an unsold inven tory of roughly one-fourth the original land at vandenberg village the pace of home development has declined as a result of a leveling-off of military activity and the company's recent land sales there have been at a reduced rate surrounding the pauma valley country club 1451 acres of residential land are being held for development planned as a residential-recreational facility this community is located about midway between los angeles and san diego one of the nation's fastest growing re gions utah's income was further increased by the sale of 150 acres of tidelands in its bay farm island property near the city of alameda and the oakland airport while these property liquidations have reduced the com pany's holdings of salable real property utah stilf maintains a sizable portfolio of land investments and is actively investigating left sandy beach created by utah along shoreline of city of a lameda is one of the few public recreation beaches on the san francisco bay right utah's south shore center is one of the city of alartiedtt's principal modern shopping centers